ZERODHA Introduction To Stock Markets
ZERODHAIntroduction toStock MarketsZERODHA.COM/VARSITY
TABLE OF CONTENTS1The Need to Invest11.1Why should one invest11.2Where to invest31.3Fixed income instruments51.4Equity51.5Real estate61.6Commodity - Bullion61.7A note on investments71.8What are the things to know before investing7Regulators92.1What is a stock market?92.2Stock market participants and the need to regulate them102.3The Regulator11Financial Intermediaries153.1Overview153.2The Stock broker163.3Depository and Depository Participants173.4Banks183.5NSCCL and ICCL18The IPO Markets - Part 1214.1Overview214.2Origin of a business21The IPO Markets - Part 232Overview3223455.1
5.2Why do companies go public335.3Merchant bankers345.4IPO sequence of events355.5What happens after the IPO365.6Few IPO Jargons365.7Recent IPO’s in India376The Stock Markets406.1Overview406.2What really is the stock market ?416.3What moves the stock ?426.4How does the stock get traded ?446.5What happens after you own a stock ?456.6A note on the holding period456.7How to calculate returns ?466.8Where do you fit in ?47The Stock Markets Index507.1Overview507.2The Index517.3Practical uses of the Index517.4Index construction methodology537.5Sector specific indices578Commonly used Jargons599The Trading Terminal65Overview6579.1
9.2The Login Process669.3The Market Watch669.4Buying a stock through the trading terminal699.5The order book and Trade book719.6The Bid and Ask price759.7Conclusion7710Clearing and Settlement process7910.1 Overview7910.2 What happens when you buy a stock8010.3 What happens when you sell a stock8211Five corporate actions and its impact on stock prices8411.1Overview8411.2 Dividends8511.3 Bonus Issue8611.4 Stock split8711.5 Rights issue8811.6 Buyback of shares881291Key Events and Their Impact on Markets12.1 Overview9112.2 Monetary policy9212.3 Inflation9312.4 Index of Industrial Production9412.5 Purchasing Manager index9512.6 Budget9512.7 Corporate Earnings Announcement96
13Getting started13.1 So many modules - how are they interrelated99100
C H A PT E R 1The Need to Invest1.1 - Why should one Invest?Before we address the above question, let us understand what would happen if one choose notto invest. Let us assume you earn Rs.50,000/- per month and you spend Rs.30,000/- towards yourcost of living which includes housing, food, transport, shopping, medical etc. The balance ofRs.20,000/- is your monthly surplus. For the sake of simplicity, let us just ignore the effect of personal income tax in this discussion.1. To drive the point across, let us make few simple assumptions.2. The employer is kind enough to give you a 10% salary hike every year3. The cost of living is likely to go up by 8% year on year4. You are 30 years old and plan to retire at 50. This leaves you with 20 more years to earn5. You don’t intend to work after you retire6. Your expenses are fixed and don’t foresee any other expense7. The balance cash of Rs.20,000/- per month is retained in the form of hard cashGoing by these assumptions, here is how the cash balance will look like in 20 years as per Table1.11zerodha.com/varsity
Table 1.1 - Total cash balance in twenty yearsIf one were to analyze these numbers, you would soon realize this is a scary situation to be in.YearsYearly incomeYearly expenseCash 8,56718,97,3832036,69,54515,53,65221,15,893Total Income17,890,6932zerodha.com/varsity
Few things are quite startling from the above calculations:1. After 20 years of hard work you have accumulated Rs.1.7 Crs.2. Since your expenses are fixed, your lifestyle has not changed over the years, you probablyeven suppressed your lifelong aspirations – better home, better car, vacations etc3. After you retire, assuming the expenses will continue to grow at 8%, Rs.1.7 Crs is goodenough to sail you through roughly for about 8 years of post retirement life. 8th year onwardsyou will be in a very tight spot with literally no savings left to back you up.What would you do after you run out of all the money in 8 years time? How do you fund your life?Is there a way to ensure that you collect a larger sum at the end of 20 years?Let’s consider another scenario as per Table 1.2 in the following page where instead of keepingthe cash idle, you choose to invest the cash in an investment option that grows at let’s say 12%per annum. For example – in the first year you retained Rs.240,000/- which when invested at 12%per annum for 20 years yields Rs.2,067,063/- at the end of 20th year.With the decision to invest the surplus cash, your cash balance has increased significantly. Thecash balance has grown to Rs.4.26 Crs from Rs.1.7 Crs. This is a staggering 2.4x times the regularamount. This translates to you being in a much better situation to deal with your post retirementlife.Now, going back to the initial question of why invest? There are few compelling reasons for one toinvest.1. Fight Inflation – By investing one can deal better with the inevitable – growing cost of living –generally referred to as Inflation2. Create Wealth – By investing one can aim to have a better corpus by the end of the definedtime period. In the above example the time period was upto retirement but it can be anything– children’s education, marriage, house purchase, retirement holidays etc3. To meet life’s financial aspiration1.2 - Where to invest?Having figured out the reasons to invest, the next obvious question would be – Where would oneinvest, and what are the returns one could expect by investing.When it comes to investing one has to choose an asset class that suits the individual’s risk andreturn temperament.3zerodha.com/varsity
Table 1.2 - Cash invested at 12% per annumYearsYearly incomeYearly expenseCash retainedRetained CashInvested 221,15,89321,15,893TOTAL CASH AFTER 20 YEARS44,26,95,771zerodha.com/varsity
An asset class is a category of investment with particular risk and return characteristics. The following are some of the popular assets class 1. Fixed income instruments2. Equity3. Real estate4. Commodities (precious metals)Fixed Income InstrumentsThese are investable instruments with very limited risk to the principle and thereturn is paid as an interest to the investor based on the particular fixed incomeinstrument. The interest paid, could be quarterly, semi-annual or annual intervals. At the end of the term of deposit, (also known as maturity period) the capitalis returned to the investor.Typical fixed income investment includes:1. Fixed deposits offered by banks2. Bonds issued by the Government of India3. Bonds issued by Government related agencies such as HUDCO, NHAI etc4. Bonds issued by corporatesAs of June 2014, the typical return from a fixed income instrument varies between 8% and 11%.EquityInvestment in Equities involves buying shares of publicly listed companies. Theshares are traded both on the Bombay Stock Exchange (BSE), and the National Stock Exchange (NSE).When an investor invests in equity, unlike a fixed income instrument there is no capital guarantee. However as a trade off, the returns from equity investment can be extremely attractive. Indian Equities have generated returns close to 14% – 15% CAGR (compound annual growth rate)over the past 15 years.Investing in some of the best and well run Indian companies has yielded over 20% CAGR in thelong term. Identifying such investments opportunities requires skill, hard work and patience.5zerodha.com/varsity
You may also be interested to know that the returns generated over a long term period (above365 days, also called long term capital gain) are completely exempted from personal income tax.This is an added attraction to investing in equities.Real EstateReal Estate investment involves transacting (buying and selling) commercial andnon commercial land. Typical examples would include transacting in sites, apartments and commercial buildings. There are two sources of income from real estate investments namely – Rental income, and Capital appreciation of the investment amount.The transaction procedure can be quite complex involving legal verification of documents. Thecash outlay in real estate investment is usually quite large. There is no official metric to measurethe returns generated by real estate, hence it would be hard to comment on this.Commodity – BullionInvestments in gold and silver are considered one of the most popular investment avenues. Gold and silver over a long-term period has appreciated in value.Investments in these metals have yielded a CAGR return of approximately 8%over the last 20 years. There are several ways to invest in gold and silver. One canchoose to invest in the form of jewelry or Exchange Traded Funds (ETF).Going back to our initial example of investing the surplus cash it would be interesting to see howmuch one would have saved by the end of 20 years considering he has the option of investing inany one – fixed income, equity or bullion.By investing in fixed income at an average rate of 9% perannum, the corpus would have grown to Rs.3.3 Crs1. By investing in fixed income at an average rate of 9% per annum, the corpus would havegrown to Rs.3.3 Crs2.Investing in equities at an average rate of 15% per annum, the corpus would havegrown to Rs.5.4 Crs3. Investing in bullion at an average rate of 8% per annum, the corpus would have grown to Rs.3.09 CrsClearly, equities tend to give you the best returns especially when you have a multi – year investment perspective.6zerodha.com/varsity
A note on investmentsInvestments optimally should have a strong mix of all asset classes. It is smart to diversify yourinvestment among the various asset classes. The technique of allocating money across assetsclasses is termed as ‘Asset Allocation’.For instance, a young professional may be able take a higher amount of risk given his age andyears of investment available to him. Typically investor should allocate around 70% of his investable amount in Equity, 20% in Precious metals, and the rest in Fixed income investments.Alongside the same rationale, a retired person could invest 80 percent of his saving in fixed income, 10 percent in equity markets and a 10 percent in precious metals. The ratio in which oneallocates investments across asset classes is dependent on the risk appetite of the investor.1.3 - What are the things to know before investingInvesting is a great option, but before you venture into investments it is good to be aware of thefollowing 1. Risk and Return go hand in hand. Higher the risk, higher the return. Lower the risk, lower isthe return.2. Investment in fixed income is a good option if you want to protect your principal amount. It isrelatively less risky. However you have the risk of losing money when you adjust the return forinflation. Example – A fixed deposit which gives you 9% when the inflation is 10% means youare net net losing 1% per annum. Fixed income investment is best suited for ultra risk averseinvestors3. Investment in Equities is a great option. It is known to beat the inflation over long period oftimes. Historically equity investment has generated returns close to 14-15%. However, equityinvestments can be risky4. Real Estate investment requires a large outlay of cash and cannot be done with smalleramounts. Liquidity is another issue with real estate investment – you cannot buy or sellwhenever you want. You always have to wait for the right time and the right buyer or seller totransact with you.5. Gold and silver are known to be a relatively safer but the historical return on such investmenthas not been very encouraging.7zerodha.com/varsity
Key takeaways from this chapter1. Invest to secure your future2. The corpus that you intend to build at the end of the defined period is sensitive to the rate ofreturn the investment generates. A small variation to rate can have a big impact on the corpus3. Choose an instrument that best suits your risk and return appetite4. Equity should be a part of your investment if you want to beat the inflation in the long run 8zerodha.com/varsity
C H A PT E R 2Regulators2.1 - What is a stock market? Investing in equities is an important investment that we make in order to generate inflationbeating returns. This was the conclusion we drew from the previous chapter. Having said that,how do we go about investing in equities? Clearly before we dwell further into this topic, it is extremely important to understand the ecosystem in which equities operate.Just like the way we go to the neighborhood kirana store or a super market to shop for our dailyneeds, similarly we go to the stock market to shop (read as transact) for equity investments.Stock market is where everyone who wants to transact in shares go to. Transact in simple termsmeans buying and selling. For all practical purposes, you can’t buy/sell shares of a public company like Infosys without transacting through the stock markets.The main purpose of the stock market is to help you facilitate your transactions. So if you are abuyer of a share, the stock market helps you meet the seller and vice versa.Now unlike a super market, the stock market does not exist in a brick and mortar form. It exists inelectronic form. You access the market electronically from your computer and go about conducting your transactions (buying and selling of shares).9zerodha.com/varsity
Also, it is important to note that you can access the stock market via a registered intermediarycalled the stock broker. We will discuss more about the stock brokers at a later point.There are two main stock exchanges in India that make up the stock markets. They are the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Besides these two exchangesthere are a bunch of other regional stock exchanges like Bangalore Stock Exchange, Madras StockExchange that are more or less getting phased out and don’t really play any meaningful role anymore.2.2 - Stock Market Participants and the need to regulate themThe stock market attracts individuals and corporations from diverse backgrounds. Anyone whotransacts in the stock market is called a market participant. The market participant can be classified into various categories. Some of the categories of market participants are as follows:1. Domestic Retail Participants – These are people like you and me transacting in markets2. NRI’s and OCI – These are people of Indian origin but based outside India3. Domestic Institutions – These are large corporate entities based in India. Classic examplewould be the LIC of India.4. Domestic Asset Management Companies (AMC) – Typical participants in this categorywould be the mutual fund companies such as SBI Mutual Fund, DSP Black Rock, FidelityInvestments, HDFC AMC etc.5. Foreign Institutional Investors – Non Indian corporate entities. These could be foreignasset management companies, hedge funds and other investorsNow, irrespective of the category of market participant the agenda for everyone is the same – tomake profitable transactions. More bluntly put – to make money.When money is involved, human emotions in the form of greed and fear run high. One can easilyfall prey to these emotions and get involved in unfair practices. India has its fair share of suchtwisted practices, thanks the operations of Harshad Mehta and the like.Given this, the stock markets need someone who can set the rules of the game (commonly referred to as regulation and compliance) and ensure that people adhere to these regulations andcompliance thereby making the markets a level playing field for everyone.10zerodha.com/varsity
2.3 - The RegulatorIn India the stock market regulator is called The Securities and Exchange board of India oftenreferred to as SEBI. The objective of SEBI is to promote the development of stock exchanges, protect the interest of retail investors, regulate the activities of market participants and financial intermediaries. In general SEBI ensures 1. The stock exchanges (BSE and NSE) conducts its business fairly2. Stock brokers and sub brokers conduct their business fairly3. Participants don’t get involved in unfair practices4. Corporate’s don’t use the markets to unduly benefit themselves (Example – SatyamComputers)5. Small retail investors interest are protected6. Large investors with huge cash pile should not manipulate the markets7. Overall development of marketsGiven the above objectives it becomes imperative for SEBI to regulate the following entities. Allthe entities mentioned below in Table 2.1 are directly involved in the stock markets. A malpractice by anyone of the following entities can disrupt what is otherwise a harmonious market in India.SEBI has prescribed a set of rules and regulation to each one of these entities. The entity shouldoperate within the legal framework as prescribed by SEBI. The specific rules applicable to a specific entity are made available by SEBI on their website. They are published under the ‘LegalFramework’ section of their site.11zerodha.com/varsity
Table 2.1 - Regulators in IndiaEntityExample ofcompaniesWhat do they do?They rate the creditCredit RatingAgency (CRA)CRISIL, ICRA,worthiness ofCAREcorporate andgovernmentsIn simpler wordsIf a corporate or Govt entity wants to availloan, CRA checks if the entity is worthy ofgiving a loanWhen companies want to raise a loan theycan issue debenture against which theyDebentureAlmost all banksAct as a trustee topromise to pay an interest. TheseTrusteesin Indiacorporate debenturedebentures can be subscribed by public. ADebenture Trustee ensures that thedebenture obligation is honoredActs like a vault for the shares that you buy.The depositories hold your shares andDepositoriesNSDL and CDSLSafekeeping,facilitate exchange of your securities. Whenreporting andyou buy shares these shares sit in yoursettlement of clientsDepositary account usually referred to as thesecuritiesDEMAT account. This is maintainedelectronically by only two companies inIndiaDepositaryParticipant (DP)Most of the banksand few stockbrokersAct as an agent to thetwo depositoriesYou cannot directly interact with NSDL orCDSL. You need to liaison with a DP to openand maintain you DEMAT accountThese are foreign entities with an interest toForeignForeignInstitutionalcorporate, fundsInvestorsand individualsMake investments inIndiainvest in India. They usually transact in largeamounts of money, and hence their activityin the markets have an impact in terms ofmarket sentiment12zerodha.com/varsity
EntityExample ofcompaniesMerchantKarvy, Axis Bank,BankersEdelweiss CapitalWhat do they do?Help companies raisemoney in the primarymarketsIn simpler wordsIf a company plans to raise money byfloating an IPO, then merchant bankers arethe ones who help companies with the IPOprocessAn AMC collects money from the public,AssetHDFC AMC,ManagementReliance Capital,Companies(AMC) SBI CapitalOffer Mutual FundSchemesputs that money in a single account andthen invest that money in markets with anobjective of making the investments growand thereby generate wealth to its temReligare WealthOffer PMS schemesManagement,They work similar to a mutual fund except ina PMS you have to invest a minimum of Rs.25,00,000 however there is no such cap in aParag Parikh PMSmutual fund(PMS)Stock Brokersand Sub BrokersZerodha,Sharekhan, ICICIDirectAct as a intermediaryWhenever you want to buy or sell sharesbetween an investorfrom the stock exchange you have to do soand the stockthrough registered stock brokers. A subexchangebroker is like an agent to a stock broker13zerodha.com/varsity
Key takeaways from this chapter1. Stock market is the place to go to if you want to transact in equities2. Stock markets exists electronically and can be accessed through a stock broker3. There are many different kinds of market participants operating in the stock markets4. Every entity operating in the market has to be regulated and they can operate only within theframework as prescribed by the regulator5. SEBI is the regulator of the securities market in India. They set the legal frame work andregulate all entities interested in operating in the market.6. Most importantly you need to remember that SEBI is aware of what you are doing and theycan flag you down if you are up to something fishy in the markets! 14zerodha.com/varsity
C H A PT E R 3Financial Intermediaries3.1 - OverviewFrom the time you access the market – let’s just say, to buy a stock till the time the stocks comesand hits your DEMAT account, a bunch of corporate entities are actively involved in making thiswork for you. These entities play their role quietly behind the scene, always complying with therules laid out by SEBI and ensure an effortless and smooth experience for your transactions in thestock market. These entities are generally referred to as the Financial Intermediaries.Together, these financial intermediaries, interdependent of one another, create an ecosystem inwhich the financial markets exists. This chapter will help you get an overview of who these financial intermediaries are and the services they offer.15zerodha.com/varsity
3.2 - The Stock BrokerThe stock broker is probably one of the most important financial intermediaries that youneed to know. A stock broker is a corporate entity, registered as a trading member with the stockexchange and holds a stock broking license. They operate under the guidelines prescribed bySEBI.A stock broker is your gateway to stock exchanges. To begin with, you need to open somethingcalled as a ‘Trading Account’ with a broker who meets your requirement. Your requirement couldbe as simple as the proximity between the broker’s office and your house. At the same time it canbe as complicated as identifying a broker who can provide you a single platform using which youcan transact across multiple exchanges across the world. At a later point we will discuss whatthese requirements could be and how to choose the right broker.A trading account lets you carry financial transactions in the market. A trading account is an account with the broker which lets the investor to buy/sell securities.So assuming you have a trading account - whenever you want to transact in the markets youneed to interact with your broker. There are few standard ways through which you can interactwith your broker.1. You can go to the broker’s office and meet the dealer in the broker’s office and tell him whatyou wish to do. A dealer is an executive at the stock broker’s office who carries out thesetransactions on your behalf.2. You can make a telephone call to your broker, identify yourself with your client code (accountcode) and place an order for your transaction. The dealer at the other end will execute theorder for you and confirm the status of the same while you are still on the call.3. Do it yourself – this is perhaps the most popular way of transacting in the markets. Thebroker gives you access to the market through software called ‘Trading Terminal’. After youlogin in to the trading terminal, you can view live price quotes from the market, and can alsoplace orders yourself.The basic services provided by the brokers includes.1. Give you access to markets and letting you transact2. Give you margins for trading – We will discuss this point at a later stage3. Provide support – Dealing support if you have to call and trade. Software support if you haveissues with the trading terminal16zerodha.com/varsity
4. Issue contract notes for the transactions – A contract note is a written confirmation detailingthe transactions you have carried out during the day5. Facilitate the fund transfer between your trading and bank account6. Provide you with a back office login – using which you can see the summary of your account7. The broker charges a fee for the services that he provides called the ‘brokerage charge’ orjust brokerage. The brokerage rates vary, and its up to you to find a broker who strikes abalance between the fee he collects versus the services he provides.3.3 - Depository and Depository ParticipantsWhen you buy a property the only way to identify and claim that you actually own the property is by producing the property papers. Hence it becomes extremely important to store theproperty papers in a safe and secure place.Likewise when you buy a share (a share represents a part ownership in a company) the only wayto claim your ownership is by producing your share certificate. A share certificate is nothing but apiece of document entitling you as the owner of the shares in a company.Before 1996 the share certificate was in paper format however post 1996, the share certificateswere converted to digital form. The process of converting paper format share certificate into digital format share certificate is called “Dematerialization” often abbreviated as DEMAT.The share certificate in DEMAT format has to be stored digitally. The storage place for the digitalshare certificate is the ‘DEMAT Account’. A Depository is a financial intermediary which offers theservice of Demat account. A DEMAT account in your name will have all the shares in electronic format you have bought. Think of DEMAT account as a digital vault for your shares.As you may have guessed, the trading account from your broker and the DEMAT account from theDepository are interlinked.So for example if your idea is to buy Infosys shares then all you need to do is open your trading account, look for the prices of Infosys and buy it. Once the transaction is complete, the role of yourtrading account is done. After you buy, the shares of Infosys will automatically come and sit inyour DEMAT account.Likewise when you wish to sell Infosys shares, all you have to do is open your trading account andsell the stock. This takes care of the transaction part however in the backend, the shares which17zerodha.com/varsity
are sitting in your DEMAT account will get debited, and the shares move out of your DEMAT account.At present there are only two depositaries offering you DEMAT account services. They are The National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited.There is virtually no difference between the two and both of them operate under strict SEBI regulations.Just like the way you cannot walk into National Stock Exchange’s office to open a trading account, you cannot walk into a Depository to open a DEMAT account. To open a DEMAT accountyou need to liaison with a Depository Participant (DP). A DP helps you set up your DEMAT accountwith a Depository. A DP acts as an agent to the Depository. Needless to say, even the DP is governed by the regulations laid out by the SEBI.3.4 - BanksBanks play a very straight forward role in the market ecosystem. They help in facilitatingthe fund transfer from your bank account to your trading account. You may be interested to notethat for a given trading account only one bank account can be interlinked. You cannot transfermoney from a bank account that is not in your name.If you have multiple bank accounts, you need to specify which particular bank account that willbe linked to your trading account. Of course you can remove the bank account and link it with another bank account of yours, but that requires some amount of paper work. However, for themoney to come in and go out of your trading account, it has to happen only via the bank accountthat has been specified and linked.Also, at this stage, you must have realized that the three financial intermediaries operate viathree different accounts - trading account, DEMAT account and Bank account. All the three accounts operate electronically and are interlinked giving you a very seamless experience.3.5 NSCCL and ICCLNSCCL – National Security Clearing Corporation Ltd and Indian Clearing Corporation are whollyowned subsidiaries of National Stock Exchange and Bombay Stock Exchange respectively.The job of the clearing corporation is to ensure guaranteed settlement of your trades/transactions. For example if you were to buy 1 share of Biocon at Rs.446 per share there must besomeone who has sold that 1 share to you at Rs.446 . For this transaction, you will be debited18zerodha.com/varsity
Rs.446 from your trading account and someone must be credited that Rs.446 toward the sale ofBiocon. In a typical transaction like this the clearing corporation’s role is to ensure the following:a) Identify the buyer and seller and match the debit and credit processb) Ensure no defaults – The clearing corporation also ensures there are no defaults by eitherparty. For instance the seller after selling the shares should not be in a position to back outthereby defaulting in his transaction.For all practical purposes, its ok not to know much about NSCCL or ICCL simply because, you as atrader or investor would not be interacting wit
1.4 Equity 5 1.5 Real estate 6 1.6 Commodity - Bullion 6 1.7 A note on investments 7 1.8 What are the things to know before investing 7 2 Regulators 9 2.1 What is a stock market? 9 2.2 Stock market participants and the need to regulate them 10 2.3 The Regulator 11 3 Financial Intermediaries 15 3.1 Overview 15 3.2 The Stock broker 16
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01 Capital Markets introduction London Stock Exchange Group is a diversified international market infrastructure and capital markets business sitting at the heart of the world's financial community. This guide provides an overview of some of the key offerings from London Stock Exchange's Capital Markets.
Capital markets are markets for buying and selling equity securities (i.e. shares) and debt securities (i.e. bonds). Capital markets include primary markets, where new stock and bond issues are sold to investors, and secondary markets, where existing securities are traded Key participants: buyers, sellers and financial intermediaries
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